Reserve composition.
What backs USDC, line by line. Updated weekly. Always 100% in cash and short-duration US Treasuries.
The reserve, line by line.
Reserve composition is disclosed weekly so anyone can see exactly what backs USDC. The mix is deliberately boring: cash held at regulated banks and short-duration US Treasury bills with an average maturity well under three months, plus Treasury-backed overnight repo.
There is no crypto collateral, no commercial paper, no loans, and no exotic instruments — only the most liquid, lowest-risk dollar assets.
- Cash in segregated accounts at major US banks
- T-Bills with average maturity under 90 days, managed by BlackRock
- Zero crypto, zero loans, zero risky paper
Cash
Held in segregated accounts at major US banks.
Treasury bills
Average maturity under 90 days, managed by BlackRock.
Overnight repo
Treasury-backed overnight repo with top-tier counterparties.
Zero crypto, zero loans
No crypto collateral, no loans, no risky paper.
Questions worth asking.
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